India has become the leading digital economy of the world. Now you can send money just at a blink. But even today some people use old methods for translation, for example cash or cheque. So if you are the one this news is for you. You must know these rules related to cheque.
Under the Positive Pay mechanism, after an account holder issues a cheque to anyone, they will share the cheque details with the bank. An account holder shares the details of the issued cheque like Cheque Number, Cheque date, Payee name, Account number, Amount, etc with the bank along with an image of the front and reverse side of the cheque, before handing it over to the beneficiary.
Before making payment against the cheque, banks will have to match the details available on the cheque with those that the issuer has provided meaning when the beneficiary submits the cheque for encashment, the cheque details are compared with the details provided to the bank through Positive Pay and if the details match, the cheque is honoured.
Ms Riya
Author at TimesBull covering breaking news and current affairs.
